Budget Your Income and Expenses

‘Budget is telling your money where you want it to go rather than wondering where it went,’ says Dave Ramsey, a trusted voice on money. When resources are scarce, budgeting becomes a necessity. Money is one such scarce resource that demands a lot of attention. One needs extensive planning and self-control to efficiently and effectively carry out budgeting. To keep its finances on track, budgeting is to begin as soon as an establishment commences its business. The purpose of the budget is to improve profitability, reduce costs and enhance returns on investment. Likewise, in a home setting, a budgeted lifestyle ensures a debt free and peaceful living. Getting into debt is easy for anyone without a budget.

Budgeting is a proven method to ensure that one stays on top of the expenditure. Or else the expenses can be so overwhelming to drown a person or a business in no time, which was the case with my previous company, that ended in a fiasco. When we started our company, we made conservative forecasts on business revenues, considerably trimmed down infrastructure costs, and redefined employee remuneration policies resulting in profitable operations very soon.

We have all heard that money talks, but the fact is that money simply walks away quietly! Compulsive shopping is to be fully avoided, which will sabotage one’s budget. Let us not fall prey to easy credit offers, which would spell doom eventually.

We cannot ignore budgeting saying our income is unsteady and unpredictable; the uncertainty of the future is a compelling reason for us to budget and make a conservative estimate of our anticipated income and to save a part of it. We need to maintain a monthly record of what we earn, what we spend, and what we owe. We achieve financial success when what we earn exceeds by far what we spend and owe others.

Let us turn to God to help us with our budget planning.

‘Budgeting is not just for people who do not have enough money. It is for everyone who wants to ensure that their money is enough.’ - Rosette Mugidde Wamambe.

Dear Lord, help me to overcome my material cravings and judiciously use the money that You have given me. Amen